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Document type:
Zeitschriftenaufsatz 
Author(s):
Reinartz, Sebastian J.; Schmid, Thomas 
Non-TUM Co-author(s):
ja 
Cooperation:
international 
Title:
Production Flexibility, Product Markets, and Capital Structure Decisions 
Abstract:
We examine how production flexibility affects financial leverage. A worldwide sample of energy utilities allows us to apply direct measures for production flexibility based on their power plants. We find that production flexibility increases financial leverage. For identification, we exploit privatizations and deregulations of electricity markets, geographical variations in natural resources, the technological evolution of gas-fired power plants, and differences in electricity prices and recapit...    »
 
Intellectual Contribution:
Discipline-based Research 
Journal title:
Review of Financial Studies 
Journal listet in FT50 ranking:
Review of Financial Studies 
Year:
2016 
Journal volume:
29 
Year / month:
2016-06 
Journal issue:
Pages contribution:
1501-1548 
Covered by:
Scopus; Web of Science 
Fulltext / DOI:
Key publication:
Ja 
Peer reviewed:
Ja 
International:
Ja 
Book review:
Nein 
Commissioned:
not commissioned 
Professional Journal:
Nein 
Interdisciplinarity:
Nein 
Mission statement:
Energy, Climate, Environment 
Ethics and Sustainability:
Ja